Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,475/mo
Lowest payment- Down payment
- $130,746
- Funds due
- $143,168
- Interest + MI left
- $205,508
- First ends
- Nov 2051
Assumption
Assumption + second
$3,111/mo
+$636/mo- Down payment
- $51,746
- Funds due
- $65,535
- Interest + MI left
- $355,342
- First ends
- Nov 2051
New loan
New conventional
$3,604/mo
+$1,129/mo- Down payment
- $51,746
- Funds due
- $62,218
- Interest + MI left
- $677,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,254 | $384,254 | $463,254 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,794.47 | $1,794.47 | $3,138.24 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $307.75 | $307.75 | $92.65 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,474.89 | $3,110.54 | $3,603.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,746
Closing costs & prepaids$13,789
Usable credit−$0
Total buyer cash needed$65,535
Earnest money paid−$0
Remaining funds due$65,535
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Prepaid interest, first (6 days)$179.39
Prepaid interest, second (6 days)$116.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 11 moOf the original 30-year loan at 2.84%
Interest already paid$59,245Through Dec 2026
Assumption only · ends Nov 2051$205,508
Assumption + second · ends Nov 2051, second Jan 2057$355,342
New conventional · ends Jan 2057$677,354